LAGOS COURT JAILS NOGASA CHAIR, FATUYI PHILLIPS 21 YEARS FOR N43. 5M FRAUD. (PHOTO). #PRESS RELEASE

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 Lagos Court Jails NOGASA Chair, Fatuyi Phillips 21 Years  for N43.5m Fraud    Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, November 18, 2024, convicted and sentenced Fatuyi Yemi Philips, Chairman, Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, to 21 years imprisonment for N43.5m fraud.   The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on April 5, 2022, arraigned Philips alongside his firm, Oceanview Oil and Gas Limited, on a two-count charge bordering on obtaining money by false pretence to the tune of N43, 502,000.00   Count one reads: "Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the aggregate sum of N43, 502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false rep
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NIGERIA HAS A SUBSISTING DEBT MANAGEMENT STRATEGY-DMO.#PRESS STATEMENT.

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      The Debt Management Office (DMO) on Wednesday refuted a report published by a national daily that the country had no debt management strategy.
The Director-General of DMO, Ms. Patience Oniha, in a statement issued by the Office, disclosed that Nigeria has a subsisting debt management strategy.
“Contrary to the publication on the front page of the Newspaper of July 4, 2018, Nigeria has a duly approved Debt Management Strategy.
“The Debt Management Strategy was approved by the Federal Executive Council in June 2016 and has an expiry date of December 2019. The document is available on https://www.dmo.gov.ng/…/other-pub…/debt-management-strategy,” Oniha said.
She advised the public to disregard the media report, adding that the Federal Government was implementing the nation’s debt management strategy in full.
Oniha said, “The publication is absolutely false and the claim that they obtained a confirmation from the Director-General of the Debt Management Office to the effect that the DMO was ‘working on it’ is also very wrong.
“The enquiry by the Newspaper was on the DMO’s Strategic Plan (an institutional plan) and not the Public Debt Management Strategy. This action amounts to deception and manipulation of information.
“There is a difference between the Debt Management Strategy and the DMO’s Strategic Plan. The Strategic Plan is a statement of the institution’s Goals and Objectives as well as, the activities that will enable their achievements.
“It covers issues such as Human Resources, Technology, and Market Development amongst others. This contrasts very sharply with the Public Debt Management Strategy which is entirely about the strategies for managing the public debt to ensure that borrowing is prudent and the public debt is sustainable.”
The DMO Director-General disclosed that a new Strategic Plan that would deliver a new, robust and all-encompassing strategy was at its final stage of preparation.
According to her, a robust Strategic Plan became necessary due to developments in the macro-economy, the Economic Recovery and Growth Plan (ERGP) and the need to come up with creative ways to fund the Government in the face of lower Revenues.
The old pattern for preparing a Strategic Plan, she added, would have been grossly inadequate.
She said further that a new Strategic Plan for the DMO had to be prepared in a holistic manner to incorporate these developments and expectations.
Chinenye Onu
Debt Management Office
NDIC Building, Central Business District,
Garki Abuja
4th July,2018.
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